Singapore warns of misuse of remittance for terrorism financing
Money remittances remain the highest risk sector of being exploited for Terrorism Financing (TF) in Singapore, according to a report published in the country on July 1.
Singapore Police officers acted on information provided by the anti-mule team of DBS Bank. Photo courtesy of DBS.
The National Risk Assessment (NRA) 2024 report, jointly issued by Singapore's Home Affairs Ministry (MHA), Finance Ministry (MOF), and Monetary Authority of Singapore (MAS), stressed that Singapore needs to maintain regular vigilance as terrorists can take advantage of the island's economic opening-up to carry out their purposes.
According to the report, cross-border fast payment systems and online fundraising are emerging as a new terrorism financing threat in the context of online banking has become more popular and the global surge in the digital economy driven by the Covid-19 pandemic.
Moreover, some agents offer low-fee remittance services to overseas workers who are at high risk of being exploited for terrorist financing. The report also warned about risks with digital payment token service providers.
To cope with the challenges, Singapore has pledged to implement strategies, measures, legal frameworks and punishments and drastic management, while closely collaborating with foreign counterparts and international organisations to fight against terrorism financing.
Singapore police on July 1 announced that they blocked 40 suspicious bank accounts and seized over SGD1.28 million ($945,000) during an operation between June 20 and June 27. Acting on information provided by DBS Bank, the police arrested three suspects for involvement in scam-related activities.
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